BSL posted an 18.5% rise in 4QFY17 consolidated net sales to INR 13.8bn supported by a 20%/18% growth in Unitary Products (UP)/ Electro Mechanical Projects (EMP) sales. Professional Electronics & Industrials Systems (PEIS) sales rose 8% to INR 568mn. EBIT margins in UP/EMP/PEIS were stable at/rose 185bps to/rose 529bps to 10.5%/4.8%/19.4%. EBITDAM was stable at 5.5%. Adjusted net profit fell by ~6% to INR 372mn; a result of lower other income (down 48% to INR 37mn) and higher effective tax rate (up 813bps to 26.4%). BSL would have grown 10 percentage points more than the industry in 4Q. With a market share of ~11.5%, management expects...